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Companies Drilling in the Austin Chalk
Formation - Austin Chalk Stocks
EV
Energy Partners (EVEP) has drilled eight wells in the Austin Chalk in 2010 alone this year. They have two rigs
running, one in Central Texas chalk and on in the Brooklyn area, which is in Jasper County. Their plans for the year include
drilling 5 - 7 more wells by the end of 2010. EV Energy is currently executing a refrac program at a pace of about one
well a week in the Austin Chalk. The fracs generally increase production somewhere between 300 and 500 Mcf a day and
30 to 150 barrels a day.
Swift Energy Co. (SFY) - Swift Energy SFY
Austin Chalk Formation - In the Company's Central Louisiana/East Texas core area, one operated well and one non-operated well
were drilled, both targeting the Austin Chalk formation in the Burr Ferry field in Vernon Parish, LA. The GASRS 16-1 well, a non-operated well, was completed in the Austin Chalk and had an initial production rate
of 207 bbls/d of oil and 1.3 MMcfg/d with flowing casing pressure of 1,250 psi on a 25/64" choke. This well, drilled
near the southern extent of the Company's joint operating area, encountered fewer natural fractures than the wells drilled
farther north have encountered. This well is important in understanding the geology in the area, which is essential to future
development plans. The Swift Energy operated GASRS 20-1 finished drilling operations
during the third quarter and was completed in the Austin Chalk. A mechanical problem occurred during the initial cleanup of
the well that required a workover rig to resolve. A workover rig is currently on this well and work is underway to remedy
the issue. This well bore remained in zone for the extent of the 4,254 foot lateral and encountered high natural fracture
density and strong tubing pressure.
Evolution Petroleum EPM - In early July, we announced a joint venture with an industry partner to drill up to five horizontal development wells
in the Giddings Field. This is from our portfolio in the Austin Chalk and Georgetown formations in Burleson and Grimes
County in Central Texas. We’re drilling
the well as an operator. We have a 20% working interest before payout and a 38% working interest after payout and a 38% working
interest after payout. We’d only pay 10% of the drilling and completion costs. We spudded the first well in August
in Burleson County, the Supak Brinkman, it’s a $1.7 million re-entry operation with 3,800
foot long Austin Chalk collateral in two existing well bore. The second well in the JV, the $2.9 million, grass roots
well located at Northern Bryan County. Our expected
net capital expenditures for the five well program are about $1.2 million, and if we drill all five wells, we’ll be
completed sometime in early spring of 2011.
Anadarko Petroleum APC - Austin Chalk:
Drilling activity continued with four operated rigs. Anadarko
spud eight wells. During the quarter, the company spud the eleventh well
of a 25-well planned re-entry program in the Northstars field, with encouraging
results.
GeoResources GEOI - AUSTIN CHALK During the Second Quarter of 2010, the Company has completed
the Chappel Wood #1-H (47% WI) and the Wilkerson Davis Unit #1-H (52% WI). Our Chappel Woods well was successfully drilled
as a dual lateral. The well was brought on production in May, initially tested at over 21 Mmcfed, but fell off to current
production of only about 2.5 Mmcfed. Production is inconsistent with shows while drilling, indicative, we believe, of a down-hole
restriction. Therefore, we have scheduled a slick water frac which should occur in July or early August. Wilkerson Davis was
successfully completed. The well was brought on to production within the past week with an IP of 620 BOPD and 1,226 Mcfd.
To date, the Company has drilled 16 Austin Chalk wells and achieved a 100% success rate.
Our present inventory includes 20 proved undeveloped and probable locations within the Giddings Field. Our working interest
varies from 37% to 53%. With low gas prices, we have decided to release our Austin Chalk rig and work to accelerate
our oil projects. Accordingly, we will defer Austin Chalk drilling until natural gas prices increase. We are in no jeopardy
of losing leasehold positions. Our acreage position exceeds 68,000 gross acres, a majority of which is held by production
and is prospective for the shallow Yegua and for the Eagle Ford Shale, Buda and Georgetown Formations.
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